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It's a combination of the cardholder's Social Security number and one or two letters.
Visa and MasterCard set the fees that merchants must pay the cardholder's bank.
Personal credit cards typically protect their customers by absorbing all but $50 of a cardholder's loss.
This point money, saved in the cardholder's account, can be spent like cash.
The credit card companies may charge convenience fees, which will be noted on the cardholder's statement.
The bank forwards about $1.80 — the interchange fee — to the cardholder's bank.
The creditors could sue or place a lien on a cardholder's house.
What if there wasn't enough money in a cardholder's account to cover a purchase?
Branded debit cards connected to the accounts will carry the logo of the cardholder's favorite N.B.A. team.
When a customer charges a purchase, the store asks its bank to collect from the cardholder's bank.
A cardholder's liability is usually limited to $50 or less if someone else uses the account fraudulently.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com